Europe Banks on Its €72 Billion to Counter Biden’s Green Payouts
- European criticism of Biden’s green subsidy plan has ebbed
- Some EU officials see the US law as playing catch-up
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Europe’s initial anger at President Joe Biden’s massive green subsidy plan has waned in light of assessments that rank EU incentives to boost clean technology as equal to or surpassing some of the benefits offered in the US law.
The US’s Inflation Reduction Act — which offers as much as $369 billion in handouts and tax credits over the next decade for clean energy programs — is playing catch-up to the EU, which currently spends more than €70 billion ($74 billion) in renewable energy subsidies each year, according to people familiar with the thinking in the European Commission and some capitals.